[Global Technology Reporter Wang Huan] "Nihon Keizai Shimbun" reported on April 1st that Dalian Wanda Group and the US IBM have started strategic cooperation and will actively use IBM's artificial intelligence computer "Watson" and cloud technology. , providing cloud services to Chinese companies. Wanda is strengthening its Internet-related business and positioning it as a new growth pillar following real estate and movies.
The cooperation related matters will be handled by the Wanda Network Technology Group, an internet company of Wanda. Recently, Wanda Chairman Wang Jianlin and IBM Chairman, President and Chief Executive Officer VIRGINIA M.ROMETTY signed a cooperation agreement in Beijing. Wang Jianlin stated that he will promote IBM’s Watson to the Chinese market through cooperation and promote the competitiveness of Chinese companies.
Wanda said that the specific service content will be finalized in the future, but it intends to provide two services. One is the usual cloud service. Wanda said that Chinese companies usually store data on their own servers, but the risk of data loss and loss is high. If IBM's technology is used, not only can it securely store internal data, but it can also be considered to reduce the cost of data management for the enterprise.
The second is to use "Watson" natural language processing and dialogue and other functions to provide services to enterprises. For example, it can be used in retail stores to analyze members and manage merchandise, etc. It can also be used for automatic answering at call centers. In addition, it also envisages the analysis of social network content, which can be used in various fields to predict future best-selling products.
Wanda had previously focused on real estate business, but as China's economic growth slowed, real estate prices became unstable. In this context, Wanda is speeding up the expansion of new business areas. Actively expand business in entertainment, film, theme parks, sports, and travel, finance, and Internet services. Previously, it was centered on mergers and acquisitions (M&A) entertainment related companies, but since 2017, it has begun to focus on the development of Internet-related businesses.
After entering March 2017, Wanda cooperated with China UnionPay. Introduce UnionPay’s online settlement service “Cloud Flash Payment†at Wanda’s commercial facilities. Wanda will also apply the data obtained through settlement to promotion and other aspects, and strive to guide consumers into the physical store to form a multiplier effect with their own business. In addition, it is also exploring ways to raise 10 billion yuan from external sources to expand new businesses.
The Chinese government is advancing the "Internet Plus" policy and is striving to achieve growth in various industries and regions through the Internet. Wanda hopes to use this trend to nurture Internet business as a new pillar to further expand its business scale. On the one hand, IBM believes that Wanda, which is in close contact with Chinese companies, can allow IBM's services to penetrate the Chinese market as quickly as possible.
Through cooperation with IBM, Wanda will enter the new business field of providing cloud services to external companies. However, because this service is in a completely different field than Wanda's existing business, it is still full of uncertainty whether the cloud service can be cultivated into a new business pillar.
In 2015, Wanda announced that it would withdraw from its initial real estate business and decided to transition to a service-oriented enterprise such as a movie. In recent years, Wanda has invested heavily in the acquisition of cinemas and sports-related companies in Europe and the United States.
However, the continuous connection of acquisitions has led to the expansion of debt. In addition, due to the Chinese government’s capital restrictions and US policy changes, it is difficult for Wanda to promote large-scale mergers and acquisitions strategies as in the past. The B2C (Business to Customer) market for general consumers, such as movies that have continued to expand, has begun to surface.
Therefore, Wanda is positioned as the pillar of new business is the Internet business does not require large-scale investment. Compared with the general consumer, "B2B (inter-enterprise transactions)" is more likely to obtain stable income.
However, Wanda’s Internet subsidiary has been considered to have achieved almost no achievement since its establishment for three years, and IT-related talent is also in short supply. In terms of cooperation with IBM, it has not been able to propose specific services. Can Internet Business Drive Wanda's New Growth? The outlook is still full of uncertainty.
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